SRF Application ProcessA roadmap from application to closing
The Water Infrastructure Finance Authority (WIFA) of Arizona accepts applications year-round through our convenient online portal. Borrowers are encouraged to start with a PPL application once projects have been defined. We have no application deadlines for the Clean Water or Drinking Water State Revolving Funds, and out boards meet six times a year. If you have a question about our application process or would like to discuss your project, we encourage you to contact our office.
- 1. Project Identification
- 2. Project Priority List
- 3. Debt Authorization
- 4. Project Finance Application
- 5. Board Approval
- 6. Loan Documents and Adoption
- 7. Loan Closing
Defining a Project Need
Applicants have identified potential projects that are eligible under the Drinking Water State Revolving Fund (DWSRF) or the Clean Water Revolving Fund (CWSRF) programs. Borrowers may have multiple capital projects that include both CW and DW loans. If you are unsure about your eligibility or the eligibility of your project, we encourage you to contact us for more information.
Project Priority List (PPL) Submission
Once Applicants have identified their need, we encourage them to start their online application. We use the initial details you provide in this process as an initial eligibility screening for your project. Additionally, we use other details you provide us to calculate some estimated financial benefits including forgivable principal, technical assistance, and rate subsidy. Adding yourself to our PPL also allows us to assign the project manager and a fiscal services representative. The assigned individuals will provide 1:1 assistance to you throughout the entire process.
Obtaining Debt Authorization
All borrowers must receive debt authorization to take on WIFA debt. This process looks different depending on what type of borrower you are. Debt Authorization requirements are as follows:
- Private, ACC-regulated drinking water must obtain approval of a financing application from the Arizona Corporation Commission
- Special Districts require approval by resolution of the governing body if system revenue is used for repayment. If the district is using General Obligation (property taxes) for repayment, the district will obtain approval by bond election
- Cities and towns using system revenue and have a population of 150,000 or less will obtain approval through reolution of the governing body. If the debt is repayed through General Obligation (property taxes), the city or town needs approval by bond election
- Cities and towns with a population greater than 150,000 must obtain approval by election
- Sanitary districts have special requirements, please contact us for assistance with this
Project Finance Application
The Project Finance Application (PFA) is a continuation of the Previously submitted PPL. During the PFA process, WIFA takes a closer look at the applicants technical, managerial, and fiscal capacity for receiving SRF funds. Applicants will work closely with their assigned fiscal services representative and project manager. PFA's are due 8 weeks before the Advisory Board Meeting, and WIFA staff will keep you informed of due dates and upcoming deadlines.
Once the board PFA is completed, the application will go to the WIFA Advisory board for review and recommendation. The week following the advisory board, the loan will be reviewed by the Arizona Finance Authority board for recommendation. Once the AFA's recommendation is received, WIFA staff will draft the loan documents
Loan Documents and Adoption
WIFA staff create the draft loan documents for the applicant's review. The loan documents are adopted by the applicant via an authorizing resolution
Loan Closing and Execution
Loan closing dates are selected by the borrower. Many loans close as quickly as three weeks following the AFA board meeting. Once the loan is closed, the applicant is free to proceed with the next phase of their project.